November 11, 2019
Safehold Inc. recently closed on its previously announced ground lease under 195 Broadway in Lower Manhattan for $275 million. The newly-created ground lease helped a large institutional customer, reportedly L&L Holding, efficiently capitalize the purchase of the historic office building.
“The closing of 195 Broadway highlights the growing momentum of our modern ground lease solution, delivering superior capital to owners, operators and developers of high-quality assets,” said Marcos Alvarado, Safehold’s president and CIO.
195 Broadway is located a block from the World Trade Center Campus, adjacent to St. Paul’s Chapel of Trinity Church. It encompasses one million square feet of office space, with approximately 22,000 additional square feet of retail.
Following Safehold’s initial announcement of the 195 Broadway ground lease, the company announced another Manhattan office deal. The $285-million ground lease under 135 W. 50th St. in Midtown is expected to close later in the fourth quarter.
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